Impediments to Malaysia's Economic Progress and How to Overcome Them: Perdana Discourse Series, #21

By Perdana Leadership Foundation

Malaysia today faces internal and external obstacles in its drive to become a fully developed economy where prosperity is shared by all. What are these impediments and how can they be overcome?

Tan Sri Rafidah Aziz, Malaysia's longest-serving Minister of International Trade and Industry (1987 to 2008), and a member of the Economic Action Council, speaks eloquently on the subject at the 21st Perdana Discourse Series, sharing her views on the definition of economic progress, and elaborating on the hurdles standing in its way for Malaysia. She also outlines what she feels is key to Malaysia's advancement towards becoming a fully developed and truly united nation.

Following Tan Sri Rafidah's keynote address, panellists Professor Dr Yeah Kim Leng, Director, Economic Studies Programme, Jefrrey Cheah Institute on Southeast Asia, Sunway University, and Ms Shahnaz Al-Sadat Abdul Mohsein of arise Asia, commented on the key points with added insights based on research and experience.

This publication contains the entire proceeding of the discourse, including the Question and Answer sessions, and is useful supplementary reading for those who are interested in the subject of Malaysia's economic development.

• Language: English
• Publisher: Perdana Leadership Foundation
• Release date: Oct 17, 2019
• ISBN: 9789670821238

Perdana Leadership Foundation

Perdana Leadership Foundation was chartered in January 2003 as a non-profit organisation, founded with gifts from people who supported the vision of a thriving research and learning institution dedicated to the study of Malaysian leadership and nation-building. It is unique in the sense that it began as an entirely private sector initiative, seed-funded and organised by private sector individuals and corporations. Most of the Foundation’s present trustees were the early benefactors of this Foundation. The Foundation’s physical home in Precinct 8, Putrajaya, was completed in October 2003. The stately building now houses the Perdana Library, an auditorium as well as a multi-purpose hall in addition to the offices of the Foundation’s Honorary President and Malaysia's fourth Prime Minister, YABhg Tun Dr. Mahathir Mohamad. A tax-exempt, non-profit organisation, the Foundation intends to become the premier institution for the study of Malaysia’s Prime Ministers and the central resource centre for research into national stewardship as well as a platform for reflection, debate, and discussion with distinguished figures in Malaysian leadership. On May 10, 2005, the Foundation was officially launched by the fifth Prime Minister, Tun Abdullah Ahmad Badawi. who expressed the government's full support for the Foundation's objectives and programmes Perdana Leadership Foundation aims to: Highlight the contribution of Malaysia's past Prime Ministers in the social, economic and political development of the nation Create awareness of the development process of the nation and draw lessons from the nation's history to enhance future development Become the premier resource centre for the policies, strategies and initiatives adopted under Malaysia's various Prime Ministers which may be used and adapted by other developing nations The Foundation also has a broader objective i.e. to promote global understanding by providing a channel for scholars and thinkers to undertake research and idea-sharing for lasting, peaceful resolutions

Book preview

Impediments to Malaysia’s Economic Progress and How to Overcome Them

Impediments to Malaysia’s Economic Progress and How to Overcome Them

Perdana Discourse Series 21

A Publication of Perdana Leadership Foundation

Sponsored by DRB-Hicom

Perdana Leadership Foundation

This digital edition is published by Perdana Leadership Foundation, No.1, Jalan P8H, Precinct 8, 62250 Putrajaya, Malaysia

www.perdana.org.my | www.plfpublications.com

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©2019 Perdana Leadership Foundation

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First edition 2019 | Digital edition 2019

All rights reserved. No part of this publication may be reproduced, copied, stored in any retrieval system or transmitted in any form or by any means, without prior permission in writing from Perdana Leadership Foundation. The views expressed in this publication are strictly that of the speakers, and do not necessarily reflect the views of the publisher and organisers.

Editor: Zarina Abu Bakar | Sub-Editor: Nurul Humaira Kamarulzaman

Cover Photo by Interactive Sports on Unsplash

Perdana Discourse Series: Impediments to Malaysia’s Economic Progress and How to Overcome Them

eISBN: e978-967-0821-23-8

Contents

Books in the Series

Introduction to the Perdana Discourse Series

Preface

I. Keynote Address

Summary of Keynote Address

1. Malaysia's Socio-Economic Development

2. External Factors Affecting Malaysia's Economy

3. Internal Factors Impeding Socio-Economic Development

4. Malaysia to Source New Growth Sectors

5. Parallel Tracks of Reform

6. Shortcomings and Focus Areas

7. Quitting Old Habits

8. A Malaysian Agenda

9. Be a Good Human for Malaysia

Keynote Question and Answer Session

II. Panel Session

Summary of Panel Session

I. Panel Discussant: Professor Dr Yeah Kim Leng

1. Malaysia's Status as a High Income Nation

2. Strategies to Push the Country Forward

3. Malaysia's Advantages and Outlook

4. Act Now, Act Fast

II. Panel Discussant: Ms Shahnaz Al-Sadat Abdul Mohsein

5. arise Asia’s History

6. Transforming Schools

7. The Way Forward for Educational Movements

Panel Question and Answer Session

Endnotes

Profiles of Keynote Speaker & Panel Discussants

About the Organiser

About the Sponsor

Acknowledgements

Introduction to the Perdana Discourse Series

The Perdana Discourse Series is a series of talks and discussions on issues of concern to Malaysians, where the objective is to facilitate dialogue and experience-sharing between experienced Malaysian leaders (whether in office or retired) and young Malaysians.

A total of twenty discourses have been held at Perdana Leadership Foundation from 2004 to 2016, featuring notable speakers such as the Fourth Prime Minister of Malaysia, Tun Dr. Mahathir Mohamad; the former Deputy Prime Minister of Malaysia, Tan Sri Muhyiddin Yassin; the former Auditor-General of Malaysia, Tan Sri Ambrin Buang; and former Minister in the Prime Minister’s Department, Tan Sri Abdul Wahid Omar.

The Perdana Discourse Series was wholly sponsored by PROTON Holdings Berhad from 2004 to 2016. From 2019, the sponsor is DRB-HICOM Berhad.

Preface

Impediments to Economic Success and How to Overcome Them was the theme for the twenty-first Perdana Discourse Series, organised by Perdana Leadership Foundation. The discourse is a platform where experienced leaders share and discuss policies, strategies, challenges and achievements of government, past and present, related to the subject matter. Participants comprise of university students, academicians, civil servants, and members of the public.

The 21st discourse started with a keynote address by Tan Sri Rafidah Aziz. This was followed by a discussion moderated by Datuk Dr Vaseehar Hassan, former Founder-Chairman of RHB Islamic Bank. The panellists comprised of Dr Yeah Kim Leng of Sunway University and Ms Shahnaz Al-Sadat Abdul Mohsein of arise Asia. Each presenter responded to the points raised by the keynote speaker, in addition to contributing their own views and opinions on the topic.

For both keynote and panel session, members of the audience were invited to ask questions.

The points raised during the keynote and panel session, as well as in the Q & A, are contained within this publication.

Part I

Keynote Address

by Tan Sri Rafidah Aziz, Former Minister of International Trade and Industry, Malaysia

IMPEDIMENTS TO MALAYSIA’S ECONOMIC PROGRESS AND HOW TO OVERCOME THEM

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Tan Sri Rafidah delivering her speech